Bitcoins

hander

csm888 wrote: »

I think you should be very wary of the alt coins, I hold none, not even LTC and have no belief in them.
Many are used for pump and dump schemes, many are jumped on by late comers to digital currencies in the hope they will turn into another Bitcoin.

re: BTC-E... never, ever, ever, ever believe the Troll Box (chat box)... its just for fun!

Thanks for advice all. My question about funding remains - if anyone has used BTC-e. As for the troll box, they should drop it. It removes credibility from the site, I think.

Re altcoins. I'm not thinking about sticking in a lot here (and really, the amount you are prepared to risk depends on a) your financial circumstances and b) your attitude to risk).
Like you, I'd be wary of them. But hell, I'd also be wary of BTC! My golden rule remains: this stuff is bleeding edge - even now, when it's making mainstream news. What you're looking at today in terms of worth could be reduced to a fraction within minutes.

BTC has many merits but its volatility is, to me, not one of them. I'm prepared to accept it as part of its establishment as a mainstream digital currency but crucially, I'm also prepared to accept it could evaporate due to all sorts of reasons.

(And if that happened, can you imagine this thread? )

paddyrg

csm888 wrote: »

Originally Posted by paddyrg View Post
Personally, I find bitcoin mathematically interesting, but believe that in the messy analogue world we live in it is not the utopia it is being touted as.

Why, please point out some significant failing?

I accept the speculation element is subjective and everyone is unlikely to come to a consensus, but why, as a technology does it fail?

Is that a deliberate attempt to derail? We live in a world full of self-interest, market manipulations, bubbles and bursts, etc. Bitcoin has a mathmatical elegance, sure, but it has to take part in a world where people are not acting mathematically or elegantly for a common good, but trying to screw one another over.

hander

dryhat wrote: »

I am now the proud owner of 4.9895 litecoins.

I advise litecoinlocal instead of bitcoinbargains for LTC. Bit clunky but works.

Until only yesterday there were sellers who were only pricing around 5-10% above market value. On bitcoinbargains, they were almost double the price of the average rate...

I notice that atm (as of 12.03pm!) they're similarly priced, though.

dryhat

hander wrote: »

I advise litecoinlocal instead of bitcoinbargains for LTC. Bit clunky but works.

Until only yesterday there were sellers who were only pricing around 5-10% above market value. On bitcoinbargains, they were almost double the price of the average rate...

I notice that atm (as of 12.03pm!) they're similarly priced, though.

Thanks.

But I used mcxnow as it meant I could use bitcoins to buy the litecoins.

I exchanged 0.069615BTC for 4.9895LTC
How does that rate compare?

BoracicLint

Marazan wrote: »

What benefits do the US get from losing it's status as world reserve currency?

None. Although you could argue it would be beneficial if America was forced to actually repay its debts rather than relentlessly printing money to satisfy the high demands due to its reserve status.

I'm not suggesting that Bitcoin could become the reserve currency, I only cited it as an example of how Russia and China could benefit from the prosperity of Bitcoin, rather than it's destruction, but you seem intent on twisting my words.

Do you actually believe China or Russia need Bitcoin to disrupt the dollar as reserve currency? These countries, including some middle eastern countries are already dropping the dollar in bilateral trade, in favour of Renmimbi and Gold. You actually believe America can stop the fall of the dollar as reserve currency?

Do you not ackowledge the benefits that Bitcoin could bring to international trade?

JohnRo

paddyrg wrote: »

Is that a deliberate attempt to derail? We live in a world full of self-interest, market manipulations, bubbles and bursts, etc. Bitcoin has a mathmatical elegance, sure, but it has to take part in a world where people are not acting mathematically or elegantly for a common good, but trying to screw one another over.

Quite right, but anyone wanting to behave that way can't use the bitcoin protocol itself to do so, they can only do those things by exploiting individuals using bitcoin. That's not just playing with words and you seem the sort well able to see that distinction. The btc protocol doesn't allow any hidden corruption or privileged control. It forces explicit and observable chicanery.

M.Johnson_2

dryhat wrote: »

The exchange rate seems to be settling around the £400 mark.

Hopefully this will be the new "normal" for a while with no wild fluctuations in either direction.

I hope there is a wild fluctuation down anything under £300 mark Im a buyer.

This is how free markets work, too low and people buy too high and people sell.

BTC needs to work itself out and get stable.

dryhat

M.Johnson wrote: »

....
This is how free markets work, too low and people buy too high and people sell.

BTC needs to work itself out and get stable.

...errr, which is what I said in the post of mine that you quoted.

M.Johnson_2

dryhat wrote: »

Thanks.

But I used mcxnow as it meant I could use bitcoins to buy the litecoins.

I exchanged 0.069615BTC for 4.9895LTC
How does that rate compare?

Dryhat could you give your opinion on litecoins? Are they pretty much exactly the same as bitcoins, the way the systems work and all?

dryhat

M.Johnson wrote: »

Dryhat could you give your opinion on litecoins? Are they pretty much exactly the same as bitcoins, the way the systems work and all?

Some people have talked about litecoins as silver to bitcoins gold.

And by that they mean that bitcoins will become too expensive for everyday use and be used as a long-term store of wealth instead.

Leaving litecoin for day to day transactions.

There are slight technical differences between them such as number of total coins and different algoritms and cryptographic methodology. (there are a couple of posters on here who could describe these technical differences better than me)

But the main advantage which is derived from these differences is faster transaction confirmation times (2 minutes compared to bitcoins 10)

There is no doubt that cryptocurrencies are the future of money and will at some point be what everyone uses.

The big question is which one and is it even around yet?